Stock Name: ALAM
Company Name: ALAM MARITIM RESOURCES BHD
Results met expectations. Alam Maritim's 4Q11 and 2011 core earnings were in line. We are maintaining our earnings forecasts as we expect 2012 profits to be stronger on higher offshore supply vessel (OSV) utilisation and better offshore installation and construction (OIC) earnings. Nevertheless, Alam's net gearing (1x) coupled with its off-balance sheet obligations remain concerns. Alam remains a Hold with a raised target price of RM0.92 (+8%) as we roll forward valuations to 2013, on an unchanged PER target of 9x.
Maybank Research 29 Feb 2012
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Company Name: ALAM MARITIM RESOURCES BHD
| Research House: MAYBANK | Price Call: HOLD | Target Price: 0.92 |
Results met expectations. Alam Maritim's 4Q11 and 2011 core earnings were in line. We are maintaining our earnings forecasts as we expect 2012 profits to be stronger on higher offshore supply vessel (OSV) utilisation and better offshore installation and construction (OIC) earnings. Nevertheless, Alam's net gearing (1x) coupled with its off-balance sheet obligations remain concerns. Alam remains a Hold with a raised target price of RM0.92 (+8%) as we roll forward valuations to 2013, on an unchanged PER target of 9x.
Maybank Research 29 Feb 2012
Click here for full report
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